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, raising the marginal tax rate on the top end is spur purely a symbolic t. and the reason warren buffett is able to say, well, my secretary is taxed at a higher rate than i am is not because of that rate, it's because of the capital gains rate at 15%. >> we need to ask him about that, too. and i'm sure he would agree capital gains rates, which were about 28% under bill clinton when we had the roaring '90s, are at 15% right now. i've got to say, this is one of those areas where, when i was in congress, i wanted the capital gains rate to go down, thought it was too high at 28%. it's at 15% now. if you want to look at income disparity, you know, in part, the 15% capital gains tax rate and carried interest allows the super wealthy to get by paying a hell of a lot less than middle-class americans. >> if you're for fairness, that's where the fairness is. that's why the rich don't pay as much tax as the others. the marginal tax rate is marginal. if you raise it a couple of percentage points, it doesn't change much. if you raise that capital gains rate, that's where the big money is made. >> he
on that point. do the markets care when you see the ceos and some of the wealthier people, including warren buffett today in the "times" saying, look, we have got to raise revenues by raising some taxes on wealthy individuals. we saw that from both buffet and radner, very prom negligent well-known financiers but ultimately endorsing what sounds like the obama position. do the markets look to those steps the way we do in politics and say this is more likely to get done or does it not work that way? >> look, the market is hanging on every single development in these negotiations. a couple of days ago leaders came out of the white house and said they had a pretty conciliatory meeting and everything seemed hunky dory at least in that one meeting and the market boomed. people are watching and waiting to see what's happened here. you've got a split on wall street. there are those folks who don't want to see tax increases no matter what under any circumstances ever. and then you have other folks like lloyd blankfein who said they don't mind tax increases on the wealthy as long as it helps us to ge
officials will behave like spoiled children, and warren buffett took the gop to school today, quote, let's forget about the rich and ultra rich going on strike and stuffing their ample funds under their mattresses if, gasp, capital gains rates and ordinary income rates are increased. the ultra rich, including me, says mr. buffett, will forever pursue investment opportunities. so he's calling for a minimum tax on millionaires and billionaires. will republicans listen? >> well, it's a sensible way. if we're going to have a deal, we will have to see some kind of compromise. a minimum tax on people making over $1 million a year can generate a half it trillion in a ten-year scale. if you include deductions you don't necessarily have to go to 39%. you can go to 37% if you are looking for compromise. but i think there's a bigger issue here as well, and that is the idea this is a slightly critical towards the democrats, the biggest issue that this country faces right now is getting us back to 4% economic growth, 3% or 4% economic growth and seeing wages increase right now. this whole idea that d
, taxes, things that distort economic activity. >> warren buffett wrote an interesting op-ed. he is a supporter of the president but said he does not favor raising rates on people making more than $250,000 but said he would support it for people making $500,000. is there an income level where you support or at least not oppose vehemently the idea of racing rates? >> again, you know, i don't think that's a constructive direction to go in. we -- you know, we could just keep adding ever more brackets, and ever more burdens on people who are productive or have a couple of good years in their business. i think all of that discourages economic growth and discourages risk taking and entrepreneurship. so i'm in favor of moving in the direction of a flatter tax system. of fewer brackets, lower rates, simplicity where we get rid of all the distortions that happen in the tax code, rather than speculating about how many different new brackets we should create. >> i want to get to benghazi. on taxes you talk about closing loopholes and reducing destructions. grover norquist says that would vi
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